How is the real estate market in Williamsburg Virginia ? August 2015

When looking at sales statistics for any market you really need to drill down into the specific price range to gain an in depth understanding of what is happening. As you can see in the chart below depending on the price range closed sales, number of homes on the market and pending sales are drastically different within the various price bands. These number reflect sales in the 23188, 23188 and 23168 zip codes which cover the areas of City of Williamsburg, James City County, Upper York County and the Toano areas.

Does it seem like there aren’t many homes on the market ? That is a result of a dearth of listings. The number of homes on the market is down almost 30% over last year in the $200-$250k price range and between 9% and 160% in the $250k to $600k price ranges. As a result of low inventory overall sales are down slightly (3%) from last year. But sales in the 350-400k range are up 30.8% and 50% in the $600k to $750k range.

Home sellers and buyers are basically on an equal footing when supply equals demand. The magic number, many housing experts say, is six.

As in, "it’ll take six months to sell all the homes now on the market at the current pace of sales."

In Williamsburg we are basically there in the under $400k market. Above that we still have a ways to go with inventories ranging from 10 months of supply in the $500-$600k range and as high as 22 months in the $750k + price range.

One last note I am happy to report. Although sales for the year are down slightly in the overall Williamsburg VA real estate market our company ( Liz Moore and Associates) continues to lead the market in sales. Our companies sales are up 38% over last year. We lead the area in sales and sell one in six homes in the market.

psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home.If you’re a Williamsburg or Coastal Virginia home seller who has been wondering if it might finally be time to sell, email me at John@MrWilliamsburg.com , and I can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.

This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites,WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move toWilliamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula.

About mrwilliamsburg

I love Williamsburg !
Being “Mr. Williamsburg” and starting my web site in 2004 has been a great way for me to help people looking for homes for sale, communities and an “insider knowledge.” of the area.
Turned out I was onto something. Because I offer in-depth information and up-to-the-minute blogging, even international clients have found me. One couple, moving back to the States from France, told me that a post I wrote blog about grocery shopping in Williamsburg convinced them that Williamsburg was the place to be, and that I was the best source by far that they found on the web.
I’m happy to say that I hear similar comments from many of my clients looking for homes throughout Williamsburg and Hampton Roads.
I grew up in Virginia Beach, Va, After attending college, I worked at a number of positions including manager of a land development and construction company and business manager of a cut flower business that we grew in sales from $300,000 to $15 million (we were supplier to Whole Foods and one of the first cut flower suppliers to Costco).
In 2004, it seemed like a good time to simplify my life. I moved my family from Annapolis to Williamsburg. I went into real estate with Liz Moore and Associates, and was one of the initial agents when Liz opened her Williamsburg branch.
My sons Zach and Josh attended Lafayette High School ,Hornsby Middle School and DJ Montague and are crazy about sports and the outdoors.
I feel lucky to be living the dream, and saving two to four hours by not driving on the DC beltway every day. So, I can now spend my time with friends family while concentrating on learning — and sharing — information about living in Williamsburg.
In real estate, no two people or transactions are the same. Everything’s a challenge, and I’m rewarded every time in close a transaction and have the opportunity to see the smiles on clients’ faces.
Please email or call me for assistance with any real estate questions about the area
John@MrWilliamsburg.com or 757 254 8136